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Life and Health Insurance License Exam Cram (Exam Cram)by Que Publishing
Synopses & ReviewsPublisher Comments:If you are studying for your life and health insurance licensing exam, we have the ultimate study tool for you. Life and Health Insurance License Exam Cram is a great resource to help you learn the concepts, laws, rate calculations and state and federal regulations that will be covered on the exam. You'll also receive a CD that includes a fully-customizable test engine, detailed score report and state-specific law supplement. No matter where you are taking your exam or which area you need to focus on during your studying, Life and Health Insurance License Exam Cram is your smartest way to get certified. About the AuthorBISYS Education Services, Inc. is the premier provider of training solutions for investment and insurance professionals, supporting virtually every compliance need and stage of career development with more than 215 courses. This extensive library of exam preparation, pre-licensing, continuing education and professional development courses enables BISYS to implement training programs that directly reinforce each client's unique business strategy and market demands. The programs include Insurance Pre-licensing, Insurance Continuing Education, NASD Exam Preparation, Advanced Designations, Review, Firm Element Continuing Education and Professional Development Courses. Table of ContentsIntroduction. Self-Assessment. 1. Introduction to Insurance. Risk Perils and Hazards Managing Risk Law of Large Numbers Insurable Interest Insurable Risks Insurance Coverage Concepts Indemnity Limit Of Liability Deductibles Coinsurance Types of Insurance Types of Insurers Commercial Insurers Nonprofit (Service) Organizations Other Types of Private Insurers Self-Insurers The United States Government as an Insurer Domicile and Authorization Insurer's Domicile (Domestic, Foreign, and Alien Insurers) Authorized Versus Unauthorized (Admitted Versus Nonadmitted) Types of Distribution Systems Agency System Mass Marketing Internet Insurance Sales Insurance Producers Categories of Producers Exam Prep Questions Exam Prep Answers 2. Insurance Regulation. Federal Regulation Paul Versus Virginia South-Eastern Underwriters Decision McCarran-Ferguson Act Privacy Act Of 1974 Fair Credit Reporting Act False or Fraudulent Statements Financial Services Modernization Act Of 1999 Other Regulating Agencies State Insurance Regulation Commissioner's Scope and Duties Regulating Insurance Companies Insurer Solvency Investments Taxation of Life Insurance Companies Company Ratings Examination of Insurers Guaranty Associations Marketing and Advertising Life and Health Insurance Producer Regulation Licensing Regulation License Required Exceptions To License Requirements Nonresident Producer Licensing Obtaining a License Application for Examination Issuance of License Temporary Agent Licenses Maintaining a License Change of Address Assumed Names Office and Records Continuation, Expiration, and Renewal of License Notice of Appointment Termination of Appointment License Denial, Nonrenewal, or Revocation Regulated Practices License for Controlled Business Prohibited Unfair Trade Practices Unfair Claims Practices Self-Regulation The NAIC Exam Prep Questions Exam Prep Answers 3. Insurance Law. Agency Law Agency Law Principles Formation of a Life and Health Insurance Contract Contract Elements Parts of the Insurance Contract Legal Requirements Contract Construction Contract Characteristics Exam Prep Questions Exam Prep Answers 4. Underwriting Basics. The Underwriting Process Selection Criteria Sources of Underwriting Information Field Underwriting Classification of Risks Standard Risks Preferred Risks Determination of Premiums (Rating Considerations) Mortality or Morbidity Interest Expenses Premium Mode Loss Ratios Insurance Fund Reserves Exam Prep Questions Exam Prep Answers 5. Group Insurance. Types of Groups Group Premiums Group Underwriting Considerations Adverse Selection Probationary Period Eligibility Period Requirements in Group Underwriting Statutory Requirements Optional Requirements Funding of Group Insurance Exam Prep Questions Exam Prep Answers 6. Selling Life Insurance. Meeting Consumer Needs The Importance of Insurance Costs Associated with Death Human Life Value Approach Needs Approach Income Periods Capital Conservation and Capital Liquidation Estate Planning Other Sources of Funds Living Benefits Advantages as Property Comparing Insurance Policies Comparative Interest Rate Method Interest-Adjusted Net Cost Method Personal Uses of Life Insurance Charitable Uses of Life Insurance Business Uses of Life Insurance Sole Proprietorship Partnership Corporations Exam Prep Questions Exam Prep Answers 7. Policy Issuance and Delivery. Collection of Premium Receipts for Premium Conditional Receipt Binding Receipt Inspection Receipt Temporary Insurance Agreement Submitting the Application and Initial Premium Issuing the Policy Delivering and Servicing the Policy Personal Delivery Mailing the Policy Handling a Claim Payment of Claims Payment Less than Face Amount Producer Responsibilities upon Insured's Death Policy Replacement Duties of Producers Duties of the Insurer Policy Retention Professionalism and Ethics Fiduciary Responsibility Summary of the Producer's Responsibilities Exam Prep Questions Exam Prep Answers 8. Types of Insurance Policies. Term Insurance Characteristics of Term Policies Types of Term Policies Advantages and Uses of Term Insurance Disadvantages of Term Insurance Whole Life Insurance Characteristics of Whole Life Policies Types of Whole Life Policies Advantages and Uses of Whole Life Insurance Disadvantages of Whole Life Insurance Flexible Policies Adjustable Life Insurance Universal Life Variable Life Insurance Variable Universal Life Advantages and Uses of Flexible Policies Disadvantages Of Flexible Policies Industrial Life Insurance Industrial Life Policy Provisions Credit Life Insurance Credit Life Policy Provisions Specialized Policy Forms Endowments Family Income Policies Family Maintenance Policies The Family Policy (Family Protection Policy) Retirement Income Policy Joint Life Policies Juvenile Policies Minimum Deposit Policies Modified Premium Policies Graded Premium Plan Mortgage Redemption Multiple Protection Index-Linked Policies Deposit Term Insurance Pre-need Funeral Insurance Advantages and Uses of Specialized Policies Disadvantages of Specialized Policies Insurance Policy Riders Accidental Death (Double Indemnity) Waiver of Premium Disability Income Rider Payor Rider Guaranteed Insurability Return of Premium Return of Cash Value Cost of Living Additional Insureds Substitute Insured Rider Accelerated Benefits Living Benefit Provisions Viatical Settlements Exam Prep Questions Exam Prep Answers 9. Policy Provisions. Standard Provisions Insuring Clause Consideration Clause Execution Clause Payment of Premium Ownership Rights Applicant Control or Ownership Clause Grace Period Reinstatement Policy Loan Provisions Automatic Premium Loan Provision Incontestability Clause Suicide Clause Entire Contract Assignment Clause Misstatement of Age or Sex Medical Examinations and Autopsy Modifications Clauses Policy Change Provision (Conversion Option) Free Look Beneficiary Provisions Revocable Versus Irrevocable Succession of Beneficiaries Naming of Beneficiaries Designation Options Class Designations Per Capita and Per Stirpes The Uniform Simultaneous Death Act Spendthrift Clause Facility of Payment Provision Exclusions and Limitations Aviation Exclusion War or Military Service Exclusion Hazardous Occupation or Hobby Exclusion Prohibited Provisions Exam Prep Questions Exam Prep Answers 10. Policy Options. Settlement Options Interest Only Option Fixed Period Option Fixed Amount Option Life Income Option Withdrawal Provisions Other Settlement Arrangements Third-Party Rights and Creditor's Rights Advantages of Settlement Options Nonforfeiture Options (Guaranteed Values) Cash Surrender Value Reduced Paid-Up Insurance Option Extended Term Option Insurance Dividends Policy Dividend Sources Dividend Options Cash Dividend Option Accumulation at Interest Option Paid-Up Additions Option Reduce Premium Dividend Option Accelerated Endowment Paid-Up Option One-Year Term Dividend Option Exam Prep Questions Exam Prep Answers 11. Annuities. Purposes of Annuities Distribution of a Lifetime Income Accumulation of a Retirement Fund How Annuities Work The Accumulation Period The Annuity Period Nonforfeiture Options Immediate and Deferred Annuities Deferred Annuity Death Benefits Annuity Premiums Single Premium Level Premium Flexible Premium Determining Annuity Payouts Variable Annuities Regulation as Securities Accumulation Units Annuity Units Annuity Settlement Options Life Annuities Guaranteed Minimum Payouts Joint Life and Survivorship and Joint Life Annuities Temporary Annuity Certain Two-Tiered Annuities Tax-Sheltered Annuities Retirement Income Annuities Equity-Indexed Annuities Market-Value Adjusted Annuities Exam Prep Questions Exam Prep Answers 12. Group Life Insurance. Legal Requirements Standard Provisions Certificates of Insurance Policy Forms Dependent Coverage Group Conversion Option FEGLI and SGLI Exam Prep Questions Exam Prep Answers 13. Social Security and Tax Considerations. Social Security Covered Workers Types of Benefits Eligibility for Social Security Insured Status Primary Insurance Amount Normal Retirement Age Dual Benefit Eligibility Retirement Benefits Survivor Benefits Disability Benefits Maximum Family Benefit Earnings Limit Social Security Payroll Taxes Taxation of Social Security Benefits Income Tax Treatment of Life Insurance Individual Life Insurance Group Life Insurance Proceeds Doctrine of Economic Benefit Federal Estate Tax Charitable Uses of Life Insurance Other Gifts of Life Insurance Transfer for Value Rules Section 1035 Policy Exchanges Business Insurance Exam Prep Questions Exam Prep Answers 14. Retirement Plans. Qualified and Nonqualified Retirement Plans Vesting Rules Defined Benefits Plans Group Deferred Annuity Individual Deferred Annuity Defined Contribution Plans Profit-Sharing Plans Pension Plans Individual Retirement Accounts and Annuities-IRAs Roth IRAs Savings Incentive Match Plan for Employees (SIMPLE) Simplified Employee Pensions (SEPs) KEOGH Plans Tax-Deferred Annuity Arrangements-403(B) Arrangements Plan Distributions Incidental Limitations Taxation of Plan Benefits Rollovers The Employee Retirement Income Security Act (ERISA) Fiduciary Responsibility Reporting and Disclosure Exam Prep Questions Exam Prep Answers 15. Health Insurance Basics. Types of Losses and Benefits Loss of Income from Disability Accidental Death and Dismemberment (AD&D) Medical Expense Benefits Dental Expense Benefits Long-Term Care Insurance (LTC) Limited Health Exposures and Insurance Contracts Prescription Coverage Determining Insurance Needs Health Care Providers Health Care Plans Commercial Insurers Blue Cross and Blue Shield Health Maintenance Organizations (HMOs) Federal Requirements HMO Organization Basic and Supplemental Services Important Features Of HMOs Preferred Provider Organizations (PPOs) Point-of-Service Plans Exclusive Provider Organizations (EPOs) Emerging Variations Multiple Option Plans Employer-Administered Plans Self-Funding 501(c)(9) Trusts Small Employers Cafeteria Plans Multiple Employer Trusts (METs) Multiple Employer Welfare Arrangements (MEWAs) Other Forms of Group Insurance Blanket Policies Franchise Policies Government Health Insurance Workers Compensation Medicaid TRICARE Exam Prep Questions Exam Prep Answers 16. Health Insurance Policy Underwriting, Issuance, and Delivery. Underwriting Objectives Premium Payments Definition of Premium Earned and Unearned Premium Payment Modes Initial Premium Policy Effective Date Policy Term Policy Fee Delivering the Policy Servicing the Policy Replacement Policies Professionalism and Ethics Fiduciary Responsibility Summary of the Producer's Responsibilities Exam Prep Questions Exam Prep Answers 17. Health Insurance Policy Provisions. Mandatory Provisions Required Provision 1: Entire Contract; Changes Required Provision 2: Time Limit on Certain Defenses; Incontestability Required Provision 3: Grace Period Required Provision 4: Reinstatement Required Provision 5: Notice of Claim Required Provision 6: Claim Forms Required Provision 7: Proof of Loss Required Provision 8: Time of Payment of Claims Required Provision 9: Payment of Claims Required Provision 10: Physical Examination and Autopsy Required Provision 11: Legal Actions Required Provision 12: Change of Beneficiary Optional Policy Provisions Optional Provision 1: Change of Occupation Optional Provision 2: Misstatement of Age Optional Provision 3: Other Insurance in This Insurer Optional Provisions 4 and 5: Insurance with Other Insurers Optional Provision 6: Relation of Earnings to Insurance-Average Earnings Clause Optional Provision 7: Unpaid Premium Optional Provision 8: Cancellation Optional Provision 9: Conformity with State Statutes Optional Provision 10: Illegal Occupation Optional Provision 11: Narcotics Other Health Insurance Provisions The Policy Face Free Look Insuring Clause Consideration Clause Policy Continuation Benefit Payment Clause Preexisting Conditions Nonoccupational Coverage Case Management Provisions Exam Prep Questions Exam Prep Answers 18. Disability Income Insurance. Financial Planning Considerations Alternatives to Disability Income Insurance Definitions and Benefits Probationary Period Elimination Period Benefit Period Defining Total Disability Presumptive Disability Partial Disability Residual Disability Recurrent Disability Permanent Disability Temporary Disability Confining Versus Nonconfining Disability Accidental Means Definition of Sickness Types of Disability Benefits Short-Term Disability Long-Term Disability (LTD) Lump-Sum Benefits Disability Exclusions Optional Disability Income Policy Benefits and Riders Rehabilitation Benefit Future Increase Option Cost of Living Benefit Lifetime Benefits Social Security Rider Social Insurance Supplements Additional Monthly Benefit (AMB) Riders Hospital Confinement Rider Impairment Rider Nondisabling Injury Rider Waiver of Premium (with Disability Income) Accidental Death and Dismemberment (AD&D) Other Provisions Business Uses of Disability Income Insurance Business Overhead Expense (BOE) Key Person Disability Insurance Disability Buy-Sell Insurance Disability Reducing Term Insurance Exam Prep Questions Exam Prep Answers 19. Medical Expense Insurance. Basic Medical Expense Hospital Expense Benefits Surgical Expense Benefits Regular Medical Expense Benefits Other Medical Expense Benefits Common Exclusions and Limitations Major Medical Insurance Comprehensive Major Medical Benefits Supplemental Major Medical Benefits Covered Expenses Other Major Medical Concepts Medical Expense Limitations Benefits for Other Practitioners Medical Expense Exclusions Optional Features and Benefits Prescription Drugs Vision Care Hospital Indemnity Rider Nursing/Convalescent Home Organ Transplants Exam Prep Questions Exam Prep Answers 20. Special Types of Medical Expense Policies. Dental Care Insurance Traditional Dental Coverage Exclusions and Limitations Minimizing Adverse Selection Prepaid Dental Plans Limited Policies Dread Disease Travel Accident Insurance Hospital Income (Indemnity) Insurance Vision Care Insurance Prescription Drug Policies Credit Insurance Notice of Proposed Insurance Credit Life: A Corollary Coverage Exam Prep Questions Exam Prep Answers 21. Group Health Insurance. Group Health Insurance Policy Types Group Coverage Provisions Conversion Privilege Dependent Coverage Coordination of Benefits Provision Records and Clerical Errors Federal and State Regulations Affecting Group Policies Health Insurance Portability and Accountability Act (HIPAA) Continuation of Benefits (COBRA) Omnibus Budget Reconciliation Act (OBRA) Tax Equity and Fiscal Responsibility Act (TEFRA) Employee Retirement Income Security Act (ERISA) Age Discrimination in Employment Act (ADEA) The Americans with Disabilities Act (ADA) Pregnancy Discrimination State Regulation Exam Prep Questions Exam Prep Answers 22. Social Health Insurance. Medicare Enrollment Benefits Under Medicare Part A What Part A Does Not Cover Benefits Under Medicare Part B What Part B Does Not Cover Claims and Appeals Medicare Supplement Insurance Standardized Medicare Supplement Benefits Core Benefits Optional Benefits Standardized Policy Forms Other Standard Provisions Medicare+Choice Fee-for-Service Plans Health Maintenance Organizations (HMOs) Preferred Provider Organizations (PPOs) Provider-Sponsored Organizations (PSOs) Medicare and Employer Coverage Medicaid Financial Tests Spousal Impoverishment Rule Medicare Cost Assistance Social Security Disability TRICARE Workers Compensation Types of Benefits Compensable Injuries Occupational Diseases Types of Disability Compulsory and Elective Compensation Laws Extraterritorial Provisions Second Injury Funds Exam Prep Questions Exam Prep Answers 23. Long-Term Care. History of LTC Coverage Suitable Purchasers Probability of Needing Care Options Other than Insurance Rating Factors Types of Benefits Common Provisions Eligibility Renewability Premiums Waiver of Premium Prior Hospitalization Care Level Hospice Care Respite Care Home Health Care Adult Day Care Professional Care Advisor Benefit Amount Benefit Periods Exclusions Preexisting Conditions Elimination Period Benefit Triggers Activities of Daily Living (ADL) Cognitive Impairment Medical Necessity Qualified Plans Regulation Emerging LTC Issues Inflation Protection Nonforfeiture Provisions Marketing LTC Coverage Exam Prep Questions Exam Prep Answers 24. Health Insurance and Taxation. Social Security Disability Benefits Tax Treatment of Social Security Contributions Health Insurance Individual Policies Group Policies Sole Proprietors and Partnerships Business Policies Disability Insurance Medicare Supplement and Long-Term Care Insurance Exam Prep Questions Exam Prep Answers 25. Practice Exam 1. 26. Answer Key 1. 27. Practice Exam 2. 28. Answer Key 2. Appendix A. What's on the CD-ROM. Review Questions and Exam Simulator Installing the CD Customer Service and Ordering Appendix B. Need to Know More? Glossary. Index. What Our Readers Are SayingBe the first to add a comment for a chance to win!Product Details
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